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PRECIOUS-Gold steadies above 8-week low as dollar, stocks gain
May 11, 2017 / 1:27 AM / in 7 months

PRECIOUS-Gold steadies above 8-week low as dollar, stocks gain

    May 11 (Reuters) - Gold was steady early on Thursday,
holding just above eight-week lows hit earlier this week, as the
U.S. dollar and stocks firmed amid expectations of imminent
interest rate rises.

    * Spot gold        was unchanged at $1,218.81 per ounce by
0102 GMT. It hit an eight-week low of $1,213.81 an ounce on
Tuesday, its lowest since March 15.
    * U.S. gold futures         were also steady at $1,219.10 an
    * Asian stocks rose early on Thursday, getting a lift from a
record high close on MSCI's global stocks benchmark after strong
gains in oil prices buoyed energy stocks globally.            
    * The dollar edged up to eight-week highs against the yen on
Thursday in early Asian trading, as investors' focus turned back
to the strength of the economy and away from U.S.
    * The Federal Reserve should hike interest rates three more
times this year and at the same time start shedding its bond
holdings, a Fed policymaker said on Wednesday, mapping out a
somewhat hawkish option for the U.S. central bank.             
    * Meanwhile, the Bank of England is expected to leave rates
unchanged at a record low 0.25 percent at its policy meeting on
    * Faced with Brexit unknowns, a national election and mixed
economic data, Bank of England Governor Mark Carney and his
colleagues will probably say on Thursday they want more clarity
before paving the way for the first interest rate hike in nearly
a decade.             
    * It is too early for the European Central Bank to declare
victory in its quest to boost euro zone inflation despite signs
the bloc's economic recovery is strengthening, ECB President
Mario Draghi said on Wednesday.             
    * Polyus Gold          , Russia's largest gold producer,
reported $203 million in adjusted first-quarter net profit on
Wednesday, little changed from a year earlier due to higher debt
servicing charges.             
    * Tanzania's president John Magufuli said his government
will enforce a new rule requiring mining firms to list on its
bourse by August as part of measures aimed at increasing
transparency and spreading wealth from the country's natural
    * The London Metal Exchange (LME) will submit a proposal to
take over the London silver fix, a senior executive said on
Wednesday, the first company to publicly express interest in
replacing the current operators of the price benchmark.

    0600  Germany           Wholesale price index    April
    0830  Britain           Industrial output        March
    1100  Bank of England interest rate decision 
    1230  U.S.              Weekly jobless claims 

 (Reporting by Swati Verma in Bengaluru; Editing by Richard

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